Economics · Macroeconomics
In economic terms, what is the best definition of a 'Recession'?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1An increase in the total money supply without a corresponding increase in production
- 2A sustained annual increment in the real Gross Domestic Product (GDP)
- 3A significant decline in economic activity across the economy, lasting longer than a few months, normally visible in real GDP✓
- 4A rise in the cost of production, mainly driven by wage increases
Correct answer
A significant decline in economic activity across the economy, lasting longer than a few months, normally visible in real GDP
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